Core Viewpoint - The stock of Jinhui Liquor has experienced fluctuations, with a recent decline of 2.05% and a total market capitalization of 10.196 billion yuan, reflecting mixed investor sentiment and market performance [1]. Financial Performance - For the first half of 2025, Jinhui Liquor reported a revenue of 1.759 billion yuan, representing a year-on-year growth of 0.31%, while the net profit attributable to shareholders was 298 million yuan, up by 1.12% [1][2]. - The company has distributed a total of 1.168 billion yuan in dividends since its A-share listing, with 598 million yuan distributed over the past three years [2]. Stock Market Activity - As of September 23, Jinhui Liquor's stock price was 20.10 yuan per share, with a trading volume of 46.0491 million yuan and a turnover rate of 0.45% [1]. - The stock has seen a year-to-date increase of 5.18%, but has declined by 8.55% over the last five trading days and 5.46% over the last twenty days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Jinhui Liquor was 44,500, a decrease of 7.68% from the previous period, while the average circulating shares per person increased by 8.32% to 11,408 shares [1]. - Among the top ten circulating shareholders, the China Securities White Wine Index A (161725) ranked as the sixth largest, holding 20.9613 million shares, an increase of 6.4165 million shares from the previous period [2]. Business Overview - Jinhui Liquor, established on December 23, 2009, and listed on March 10, 2016, is primarily engaged in the production and sale of liquor, with a revenue composition of 55.10% from products priced between 100-300 yuan, 21.62% from products above 300 yuan, and 20.82% from products below 100 yuan [1]. - The company operates within the food and beverage sector, specifically in the liquor industry, and is associated with various investment themes including high dividend yield and mid-cap stocks [1].

Company Overview - Jinhuijiu Co., Ltd. is located in Huixian Town, Longnan City, Gansu Province, established on December 23, 2009, and listed on March 10, 2016. The company primarily engages in the production and sales of liquor [2]. Stock Performance - As of September 22, Jinhuijiu's stock price decreased by 2.01%, trading at 20.43 CNY per share, with a total market capitalization of 10.363 billion CNY. The stock has increased by 6.91% year-to-date but has seen a decline of 6.54% over the last five trading days and 2.25% over the last 20 days [1][2]. Financial Performance - For the first half of 2025, Jinhuijiu reported a revenue of 1.759 billion CNY, reflecting a year-on-year growth of 0.31%. The net profit attributable to shareholders was 298 million CNY, with a growth of 1.12% year-on-year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 7.68% to 44,500, with an average of 11,408 circulating shares per person, which is an increase of 8.32% [2]. Dividend Distribution - Since its A-share listing, Jinhuijiu has distributed a total of 1.168 billion CNY in dividends, with 598 million CNY distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the sixth largest circulating shareholder is the China Securities White Wine Index A (161725), holding 20.9613 million shares, an increase of 6.4165 million shares compared to the previous period [3].

Core Viewpoint - The article emphasizes the significance of the production region in the quality and flavor of liquor, highlighting the unique advantages of the Jinhuijiu brand, which is rooted in the ecological environment of the Qinling Mountains [1][3]. Group 1: Geographic and Ecological Advantages - The Qinling Mountains serve as a natural barrier and are referred to as the "Central Water Tower" of China, providing a unique ecological environment for liquor production [3]. - Jinhuijiu's production facility is located in the ecological haven of Longnan Huixian, surrounded by 150 square kilometers of lush forests, contributing to its reputation as "the Jiangnan of Longshan" [3][4]. Group 2: Brewing Techniques and Quality Control - The average annual temperature of 15.8°C in the region creates an ideal environment for the growth of brewing microorganisms, facilitating year-round production [4]. - The "Three Low Techniques" employed by Jinhuijiu are a product of the region's low-temperature environment and have been refined over centuries, ensuring the quality of the liquor [4]. Group 3: Expertise and Talent Pool - Jinhuijiu boasts a strong technical foundation with a team that includes one Chief Taster of Chinese Liquor, seven national-level liquor judges, and over 1,000 brewing technicians [4][5]. - The rigorous selection process for national-level liquor judges underscores the high caliber of expertise within Jinhuijiu, positioning the company at the pinnacle of the industry [5]. Group 4: Conclusion - Jinhuijiu represents a harmonious blend of nature and craftsmanship, with each drop of liquor reflecting the ecological gifts of the Qinling region and the dedication of generations of artisans [5].

Core Viewpoint - The stock price of Jinhuijiu has experienced fluctuations, with a year-to-date increase of 9.00% but a recent decline of 8.44% over the past five trading days [2]. Group 1: Stock Performance - As of September 18, Jinhuijiu's stock price was 20.83 CNY per share, with a market capitalization of 10.566 billion CNY [1]. - The stock has seen a 3.48% increase over the past 20 days and a 15.21% increase over the past 60 days [2]. - The trading volume on September 18 was 1.19 billion CNY, with a turnover rate of 1.11% [1]. Group 2: Financial Performance - For the first half of 2025, Jinhuijiu reported a revenue of 1.759 billion CNY, representing a year-on-year growth of 0.31%, and a net profit attributable to shareholders of 298 million CNY, up 1.12% year-on-year [2]. - The company has distributed a total of 1.168 billion CNY in dividends since its A-share listing, with 598 million CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Jinhuijiu was 44,500, a decrease of 7.68% from the previous period [2]. - The average number of circulating shares per shareholder increased by 8.32% to 11,408 shares [2]. - The sixth largest circulating shareholder is the China Securities White Wine Index A, holding 20.9613 million shares, an increase of 6.4165 million shares from the previous period [3].

Group 1 - The food and beverage sector experienced a decline on September 18, with the Food ETF (515710) dropping by 0.63% [1] - Within the sector, liquor stocks were notably weak, with companies like Yingjia Gongjiu falling over 2% and others like Jiu Gui Jiu and Lu Zhou Lao Jiao declining more than 1% [1] - Despite the current downturn, some analysts suggest that the liquor sector may have entered a bottoming phase, with potential for recovery during the upcoming festive season [1][4] Group 2 - According to Open Source Securities, the retail sales growth rate has slowed down, primarily due to diminishing effects of the "old-for-new" policy and a gradual recovery in consumer demand [3] - The food and beverage sector is expected to benefit from improving macroeconomic conditions and rising consumer income and willingness to spend [3] - The current valuation of the food and beverage sector is at a low point, making it a potentially good time for investment [3] Group 3 - Future outlook indicates that the liquor sector is undergoing adjustments due to policy impacts, with a noticeable decline in demand [4] - There are signs of recovery in consumer behavior, particularly in personal drinking and social gatherings, which could lead to improved sales figures [4] - Analysts predict that the worst phase for the liquor sector has passed, and there is cautious optimism for the upcoming Mid-Autumn Festival and National Day [4] Group 4 - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with a significant portion of its holdings in leading high-end liquor stocks [5] - Investors can also access core assets in the food and beverage sector through the Food ETF linked funds [5]

Core Viewpoint - The liquor sector is currently experiencing a dual bottom phase characterized by "fundamental bottoming and low valuation," with a gradual easing of previous policy pressures and a potential weak recovery in demand driven by consumption expansion policies [1] Group 1: Market Performance - On September 17, the Shanghai Composite Index closed at 3876.34 points, up 0.37% [1] - The liquor sector index closed at 2353.15 points, down 1.32%, with 18 liquor stocks declining, led by Jinhui Liquor which fell by 3.23% [1] Group 2: Individual Stock Performance - Kweichow Moutai closed at 1493.00 CNY per share, down 0.47% [1] - Wuliangye closed at 125.96 CNY per share, up 0.13% [1] - Shanxi Fenjiu closed at 204.45 CNY per share, down 1.89% [1] - Luzhou Laojiao closed at 137.00 CNY per share, down 1.05% [1] - Yanghe Brewery closed at 71.59 CNY per share, down 0.29% [1] Group 3: Analyst Insights - Pacific Securities noted that the liquor sector is in a phase of "fundamental bottoming and low valuation," suggesting a potential for recovery as policy pressures ease and consumption expansion policies take effect [1]

Investment Rating - The report suggests a recommendation for strong brands such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as Shanxi Fenjiu, which has a clear growth path in a counter-cyclical environment [5]. Core Insights - The industry is currently in a phase of accelerated bottoming, transitioning from "passive clearing" to "active adjustment" due to ongoing pressures from excess supply and demand scenarios [3][5]. - The first half of 2025 saw a negative growth in revenue and net profit for major liquor companies, marking the first negative growth in this cycle [15]. - The report highlights a structural opportunity during the volume adjustment period, with market pricing increasingly favoring dividend yield and market share [3][5]. Summary by Sections Industry Overview - The white liquor industry faced challenges in the first half of 2025, including slow macroeconomic recovery and strict alcohol prohibition policies, leading to a decline in consumption scenarios and continued pressure on demand [5]. - The overall revenue and net profit for 17 major liquor companies were 2368.3 billion and 944.6 billion respectively, with a year-on-year decline of 0.4% and 0.9% [15]. Performance Analysis - In Q2 2025, the revenue and net profit for the industry were 867.2 billion and 313.4 billion respectively, reflecting a year-on-year decline of 4.7% and 7.3%, marking the first negative growth in revenue during this cycle [15]. - High-end liquor maintained positive growth, while the mid-range and regional brands experienced declines [20][22]. Market Dynamics - The report indicates that the market is shifting focus from short-term recovery scenarios to verifying the bottom of demand trends through year-on-year comparisons [3]. - The report anticipates a recovery in the third quarter, driven by seasonal consumption events such as Mid-Autumn Festival and National Day, which may accelerate the bottoming process of the fundamentals [5]. Investment Recommendations - The report recommends focusing on brands with strong market positions and growth potential, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and regional leaders like Guyi Gongjiu and Jinhui Jiu [5].

证券之星消息，9月17日白酒板块较上一交易日下跌0.62%，金徽酒领跌。当日上证指数报收于3876.34， 上涨0.37%。深证成指报收于13215.46，上涨1.16%。白酒板块个股涨跌见下表： 从资金流向上来看，当日白酒板块主力资金净流出15.51亿元，游资资金净流入5.6亿元，散户资金净流入 9.9亿元。白酒板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603589 | □子窖 | 9363.61万 | 15.59% | -4275.91万 | -7.12% | -5087.70万 | -8.47% | | 600197 | 伊力特 | -471.03万 | -7.25% | 64.88万 | 1.00% | 406.15万 | 6.26% | | 600696 | *ST岩石 | -719.67万 | -19.62% | -185.78万 | -5.06% | - 905.45 ...

Group 1 - The core idea of the article is to enhance investor relations management quality and effectiveness for listed companies, promoting rational, value, and long-term investment in the market [1] - The event "I am a Shareholder" organized by Jinhui Wine Co., Ltd. and Guotai Junan Securities Gansu Branch took place from September 12 to 14, 2025, attracting professional investors and institutional representatives [1][5] - The theme of the event was "Understanding Quality Brewing," allowing participants to gain insights into Jinhui Wine's production processes and quality control standards [1][3] Group 2 - During the event, the company's board secretary and staff provided detailed explanations, showcasing the traditional brewing techniques and modern production management [3] - Investors were impressed by the integration of traditional craftsmanship and modern quality control, enhancing their understanding of the company's strength and future prospects [5] - Jinhui Wine aims to continue hosting such exchange activities to promote rational, value, and long-term investment concepts, fostering collaboration with investors [7]

Group 1 - The food and beverage sector experienced a volatile pullback on September 17, with the Food ETF (515710) opening lower and maintaining a downward trend throughout the day, closing down 0.31% [1][2] - Several liquor stocks, particularly Kweichow Moutai, faced significant declines, with Jinhuijiu down 3%, and others like Jiu Gui Jiu and She De Jiu Ye dropping over 2% [1][3] - The overall sentiment in the liquor market is affected by recent clarifications from Kweichow Moutai regarding false promotional activities, emphasizing the stability of their distribution channels [1][3] Group 2 - Pacific Securities noted that the liquor sector is at a "fundamental bottom and low valuation" phase, with potential for weak recovery in demand as the Mid-Autumn Festival approaches [3][4] - The food and beverage sector is seeing mixed performance, with meat products and liquor leading gains, while snacks and beer are experiencing declines [3][4] - Current valuations in the food and beverage sector are at low levels, suggesting a favorable time for investment, with the Food ETF's price-to-earnings ratio at 21.12, marking a low point in the last decade [3][4] Group 3 - Everbright Securities indicated that the liquor sector is undergoing adjustments due to policy impacts, with a noticeable decline in demand, but a potential recovery is expected in the latter half of the year [4][5] - Xiangcai Securities highlighted the low valuation levels in the sector, suggesting opportunities for alpha generation through high-quality stocks [4][5] - The focus should be on companies with stable demand and strong risk resistance, as well as those innovating in new products and channels [5]